The five-story, 85-unit apartment building at the southeast corner of Mynders Avenue opened in 2008. Though it is independent of the University of Memphis, it is a few blocks away and is marketed as student housing.

Café Eclectic, owned by Cathy Boulden, opened its first store in 2008 at 603 N. McLean Blvd. A year later, Little Café Eclectic opened in Harbor Town. Boulden declined comment for this announcement.

– Sarah Baker

Nike Plans Expansion, Seeks Tax Freeze

Nike has a plan on the drawing board to expand its presence in Memphis in a big way, spending millions to grow its local operation – and add 250 new jobs.

The world’s largest seller of athletic footwear and apparel is seeking a 15-year tax freeze to help it expand its facility at 3100 New Frayser Blvd. and upgrade its facility at 5151 Shelby Drive.

The Beaverton, Ore.-based company turned down opportunities in North Mississippi and even in its corporate home of Beaverton in favor of Memphis. The moves include Nike ending its lease at 8400 Winchester Road and shifting employees to the Shelby Drive location.

Nike will create 250 new jobs with an average wage of $35,000, increasing Nike’s local employment to 1,912.

The project will create more than $105 million in new tax revenue for Memphis and Shelby County and will result in an average annual tax abatement of almost $58 million for Nike.

EdR Completes Purchase of Arizona Community

EdR, a Memphis-based developer, owner and manager of collegiate housing, purchased The District on 5th – a collegiate housing community serving the University of Arizona in Tucson – for $67 million.

The District on 5th is a 764-bed, 208-unit community located within walking distance of the University of Arizona. This Leadership in Energy and Environmental Design (LEED) Silver community opened last month and features two-, three- and four-bedroom apartments. Amenities include a pool with beach entry, clubroom, spa, computer lab/business center and an outdoor theater.

The community is 99 percent leased with an average monthly lease rate of $633 per bed. The purchase price represents an approximate 6.3 percent economic cap rate on expected next 12 months’ net operating income.

The University of Arizona’s Tucson campus has an enrollment of 38,000 undergraduate and graduate students. Current on-campus housing consists of slightly less than 6,800 beds. The Arizona Board of Regents expects enrollment to increase 13,000 by 2020.

With this purchase, EdR owns or manages 63 communities in 24 states with more than 36,000 beds within nearly 12,000 units.

State Lottery Has Record Quarter With $81 Million

That’s a 14 percent increase over the same period last fiscal year, which set the previous record with $71 million.

Total lottery funding for education-related programs in Tennessee exceeds $2.47 billion since the lottery’s inception in 2004.

According to the Tennessee Student Assistance Corp., lottery money has provided more than 600,000 scholarships and grants to in-state educational institutions. More than 100,000 scholarships and grants were provided during the past academic year alone.